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Board of Governors of the Federal Reserve System
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Annual Performance Plan 2016

Strategic Pillar 5: Data

Goal: Research, analyze, and respond to economic and financial developments, challenges, and issues, as well as safety and soundness, consumer protection, and financial stability risks through enhancement of the Board's data management and analytics environment.


Objective 5.1: Strengthen the Board's governance of its data assets to increase their quality, reliability, and usability.

The Board will work to strengthen and improve data governance policies, processes, and standards for assessing potential new data acquisitions and providing appropriate access to data across the organization.

Projects and Initiatives
  • Develop and implement components of a Boardwide data governance framework.
  • Define the requirements for a comprehensive data stewardship program across all Board divisions.
  • Implement a Systemwide process to analyze, coordinate, and prioritize data for use in supervising institutions.

Objective 5.2: Improve the data architecture, processes, and data storage technology to respond with greater agility and efficiency to emerging business needs for data, while facilitating controlled sharing and the movement of data to get the right data to the right people at the right time.

Staff will institute effective data policies and procedures backed by sufficient, secure, and scalable storage capacity to ensure that Board employees get timely access to data.

Projects and Initiatives
  • Begin the development of a target data architecture with key enterprise assets such as the National Information Center and Financial Data Repository.
  • Create the foundation for an information-sharing framework that leverages the enterprise data inventory and maintains controlled internal access to data assets.
  • Continue business process improvements for automation initiatives to gain better efficiencies with data management and streamline the reports clearance process.

Objective 5.3: Create and maintain an R&D culture and a stand-alone R&D environment so that the Board's ability to evaluate and innovate regarding new data sets, tools, and policies is improved.

As data needs continue to increase and the data available continue to grow, the Board will require investments in modernized technology, processing systems, and business analytics.

Projects and Initiatives
  • Develop a cross-organizational innovation framework, including the development of an innovation lab as noted in Objective 4.2.

Objective 5.4: Improve Board staff's ability to find what data are available and how to access them to be more effective, and to more easily recognize and account for data gaps and overlaps.

The Board will continue to build employee awareness and understanding of the availability of data across the organization.

Projects and Initiatives
  • Establish a baseline enterprise data inventory of Board data assets.
  • Create a Boardwide data awareness and education program.
  • Invest in and improve access to consumer and community data and information throughout the Board and the System.

Objective 5.5: Enhance the transparency of Board data by increasing the awareness, accessibility, and usability of publicly available Board data to contribute to the body of global open data assets.

The Board will continue to support transparency and open data initiatives.

Projects and Initiatives
  • Begin the process of defining an open data strategy.
Last update: February 24, 2016

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